NORTH LIBERTY, Iowa–With the U.S. Mint no longer making pennies, GreenState Credit Union said it is allowing members to deposit pennies but not withdraw pennies.
Instead, the $10.8-billion credit union said it is rounding cash-back totals down to the nearest nickel when cashing checks or redeeming coins. Remaining pennies will be deposited into the member’s savings account.
“For example, if a member cashes a check for $27.43, the member will receive $27.40 in cash and the remaining 3 cents will be deposited into savings,” GreenState explained to members
Check-cashing and coin redemption fees will also be reduced and rounded to the nearest cent.
